>> 国泰君安-CSC Development (00830 HK) Cash Out HK$950 Million with Sale of Supervision Business -231012
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研究报告全文：股票研究quityResearchTableTitleGaryWong黄家玮EFlashNoteCSCDevelopment00830HK85225092616快讯中国建筑兴业00830HKgarywonggtjascomhk12October2023TableSummaryCashOutHK950MillionwithSaleofSupervisionBusiness快讯ReiterateBuyratingandmaintaintheTPatHK310WeforecastCSCDevelopmentsCSCDtheFlashFlashNoteCompanyEPSfor2023-2025tobeHK0259HK0346HK0458withYoYincreaseof357334324respectivelycorrespondingtoanEPSCAGRof338for2022-2025WemaintaintheTPatHK310equivalentto94x72x56x202320242025EVEBITDACSCDagreedtosellitssupervisionbusinesstoChinaOverseasPropertyHoldingsCOPH02669HKataconsiderationofHK950millionThebuyerCOPHis6118ownedbyChinaOverseasHoldingsLtdCOHLandCSCDsthesellercontrollingshareholderChinaStateConstructionInternationalCSCI03311HKholding7078ofCSCDisalso6481ownedbyCOHLThisconstitutesarelatedtransactionThesubsidiarybeingsoldCOSLChinaOverseasSupervisionLtdwasacquiredbyCSCDfromCSCIinMarch2018AtthattimeconsideringthecontinuouslossesoftheNorthAmericanbusinessandthe证underperformanceofthecurtainwallengineeringbusinessCSCIinjectedthemorestablesupervision券businesswhichhadmoresteadyrevenueprofitsandcashflowsintotheCompanytoaiditsdevelopment研Currentlygiventhegoodoperatingperformanceofthecurtainwallengineeringbusinessandthelackof告significantsynergieswiththesupervisionbusinesstheCompanyplanstosellthesupervisionbusinessand究报reinvestthefundsintothemorepromisingcurtainwallengineeringbusiness报告究ThetransactionishighlybeneficialforCSCD1TheconsiderationofHK950millionisequivalentto149xEquityResearchReportResearchEquity研2022PERand21x2022PBRasubstantialpremiumovertheCompanyscurrentvaluationGiventheunclearTaboutlookforthesupervisionbusinessthevaluationisconsideredrich2assumingthat60ofthesaleproceeds券leIareusedtorepaydebtwithcurrentcostofborrowingatapproximately4theCompanycansaveanannual证interestexpensesofHK22millionlargelyoffsettingthereductioninprofitsfromthesaleofCOSL3the建nfo1Companycanreceivenewfundstoacceleratethedevelopmentofitscorecurtainwallengineeringbusiness筑工andBIPVbusiness4afterthecompletionofthetransactiontheCompanysnetdebtratiowillchangefrom程31asattheendofJune2023toanetcashpositionandthetransactionwillbringapre-taxprofitofHK530行millionand5withthegradualsaleofnon-corebusinessestheCompanyscorecurtainwallengineering业businesswillbecomemoreprominentwhichmaytriggerarevaluationoftheCompanyinthelongtermCatalysts1Aspecialdividendmaybedistributedifthesaleiscompletedsuccessfullyand2gradualsaleofConstructionEngineeringSectorEngineeringConstructionothernon-corebusinessesmayfurtherimprovethefinancialpositionandunlockpotentialvaluesTabRisks1Governmentinfrastructurespendingmaybelowerthanexpectedand2overseasprojectrisksleInfo2中中国建外筑运兴业输Development00830HK00830DevelopmentCSCCSCSeethelastpagefordisclaimerPage1of2TablePageHeaderCSCDevelopment00830HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral12October2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport00830HK2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesarenotmakingamarketinthesecuritiesinrespectoftheissuer中国建筑兴业mentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesCSCDevelopmentDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2
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